Geographical Detail for Owner-Occupied Housing Wealth
This project presents geographical breakdowns of the aggregate value of owner-occupied real estate from 2001 to the present. The table contains quarterly estimates for the 20 largest U.S. states by population, as well as the 4 primary Census statistical regions and 9 Census divisions. The data are derived from property-value estimates constructed by Zillow and property-count estimates from the American Community Survey of the U.S. Census. The series are constructed analogously to the aggregate national series (FL155035013) published in the Financial Accounts. The Census regions and divisions are mutually exclusive and exhaustive, and sum to the national series by construction. The state-level series are only available for the 20 largest states due to data limitations. Please see the FEDS working paper and related FEDS Notes for background and details on the basic methodology as it applies to the national series. Going forward, this table will be updated annually.
The state and Census region/division series presented here are the sub-national analogues of the Financial Accounts series FL155035013. Starting with the 2019Q2 publication of the Financial Accounts, FL155035013 is constructed by combining property value estimates from Zillow with property unit counts from the American Community Survey (ACS). (Previously a different methodology was used for estimating owner-occupied real estate. The Zillow/Census-derived estimates have been published as an alternative measure beginning with the 2018Q2 publication, and became the primary measure beginning with the 2019Q2 publication.) As detailed in the FEDS working paper, the national series is constructed by aggregating up from local (county and state) estimates, which are based on local average property values and local property counts. The state and regional series presented here simply aggregate to a lower level of geography. The quarterly series use housing counts interpolated from the annual ACS surveys, with adjustments to account for counties entering and exiting the ACS sample. Additionally, some of the county-level average price series are smoothed to account for periodic model updates from Zillow.